Barclays Bank has launched a Web-based filing system where online banking customers can upload and store important personal and business documents, such as bills, birth certificates and passports.
Useful - but what would this service provide that you couldn't get from a service, such as Evernote?
Convenience. Barclays need to hold certain data about you for regulatory compliance reasons (identity doc's for current accounts, mortgages etc.). All they are doing is providing you, the customer, with a view onto those documents with the ability to use
those documents for other processes that need identification validation. The added benefit is you can add other doc's to their DMS for other processes ......... if you want to be bothered with setting this up.
Whilst they are angling at providing you with a great free service there is an underlying agenda (a good one, for them mostly) to digitise processes and exclude the need for paper and all the time and cost that goes with processing it. Remember Barclays
have a huge back office cost problem.
I doubt Barclays will ever go down the route of using the data for CRM purposes, unless you seriously wanted to opt in (I would by the way). But other organisations are looking at this with greedier eyes e.g the Post Office could look to digitse all the
verification services they do for the Govt' and use the data to upsell insurance, ISA's etc.
So convenience and it makes it easier for you to deal with Barclay's products. That is a cost and possible sales benefit to Barclays ... a pretty neat idea on their part, they are a business with share holders after all.
© Finextra Research 2013